137 Canal St | San Rafael, CA 94901
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137 Canal St
San Rafael, CA 94901
Multifamily Property For Sale · 20 Units
Investment Highlights
- Proven Value Add Upside.
- Strong Market Fundamentals.
- Favorable In-Place Returns.
Executive Summary
Contact CBRE for access to deal room.
CBRE, Inc., as the exclusive listing agents, is pleased to offer for sale 129-137 Canal St Apartments (the “Property”) comprised of 40 market rate units in San Rafael, California. Situated at the southern end of the North Bay, the Property provides residents convenient access to surrounding “job-rich” & high salaried communities in Marin County and San Francisco County. 129- 137 Canal offers attractive high in-place yields with the opportunity to increase rents Day 1 and capture a near 6% cap rate. Upon unit turnovers, strategic renovations of the 900 SF 2x1 floorplans can achieve +/- $3,200 market rents, increasing NOI by another $144,000 or 10.3%.
Current ownership does not implement RUBS, allowing prospective buyers potentially $64k in future utility reimbursements annually. 129 Canal (0.57AC) and 137 Canal (0.58AC) are on separate APN’s and have potential space for ADU development.
CBRE, Inc., as the exclusive listing agents, is pleased to offer for sale 129-137 Canal St Apartments (the “Property”) comprised of 40 market rate units in San Rafael, California. Situated at the southern end of the North Bay, the Property provides residents convenient access to surrounding “job-rich” & high salaried communities in Marin County and San Francisco County. 129- 137 Canal offers attractive high in-place yields with the opportunity to increase rents Day 1 and capture a near 6% cap rate. Upon unit turnovers, strategic renovations of the 900 SF 2x1 floorplans can achieve +/- $3,200 market rents, increasing NOI by another $144,000 or 10.3%.
Current ownership does not implement RUBS, allowing prospective buyers potentially $64k in future utility reimbursements annually. 129 Canal (0.57AC) and 137 Canal (0.58AC) are on separate APN’s and have potential space for ADU development.
PROPERTY FACTS
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.84% | Lot Size | 0.58 AC |
| Gross Rent Multiplier | 10 | Building Size | 16,594 SF |
| No. Units | 20 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1962 |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Sale Type | Investment |
| Cap Rate | 5.84% |
| Gross Rent Multiplier | 10 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.58 AC |
| Building Size | 16,594 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1962 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 20 | - | - |
PROPERTY TAXES
| Parcel Number | 017-262-18 | Improvements Assessment | $5,750,558 CAD |
| Land Assessment | $3,090,235 CAD | Total Assessment | $8,840,793 CAD |
PROPERTY TAXES
Parcel Number
017-262-18
Land Assessment
$3,090,235 CAD
Improvements Assessment
$5,750,558 CAD
Total Assessment
$8,840,793 CAD
zoning
| Zoning Code | RM (Residential Multifamily) |
| RM (Residential Multifamily) |
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